increased jobs and lower prices
Clinton signed the North American Free Trade Agreement in 1994 to remove the barriers to trade with Mexico and Canada with the goal of creating new American jobs and lower prices on imported goods.
During the late 1970's and through the 1980's the US began to de-industrialize. This means factories began to shut down as companies were established in developing countries. Americans were experiencing job loss and prices on goods now produced in other countries were expensive due to tariffs. By signing NAFTA, Clinton removed tariffs from goods imported from Canada and Mexico making many manufactured goods and foods cheaper. The agreement also created more jobs in new industries to support the imports coming in. Customer service based jobs became available which were better paying jobs than the factory jobs they were replacing.
President Clinton believed that the North American Free Trade Agreement would result in increased jobs and lower prices.
In this era of globalization, tariff barriers and customs only act detrimental to global trade and commerce, which not only circulates finances and improves the flow of cash around the globe, but is also a significant diplomatic gesture. Since the Nineteenth century, several nations have achieved the goal of political co-operation through economic co-operation and economic diplomacy. The North American Free Trade Agreement can be equated as an example of economic co-operation and economic diplomacy among the United States, Mexico, and Canada. By NAFTA, the three nations jointly agreed to the abolition of all trade barriers and the dropping of customs on various products that were being exchanged between all three nations. Usually, it is seen as a willingness to extend economic co-operation with the aim of the nation’s own economic advancement and improvement. The achievements of economic co-operation through NAFTA were manifold.
Further Explanation-
The 1950s was a decade which saw attempts by several nations attempting to recover from the devastating aftermath of the Second World War through a policy of economic co-operation. As the industries of the European nations began to recover from the World War trauma, the nations focused on the free movement of goods and supplies across the nations that signed friendly trade agreements and agreed to economic co-operation. Inspired by the outstanding success of the European Economic Community, the premiers of the United States, Canada and Mexico decided to open their economic borders by undergoing a gradual process of removal of customs and abolition of tariff on the movement of raw materials and finished products through these regions. The NAFTA thereby aimed at a structural process of industrial growth, while revitalizing the economy of all of these nations. The increased demand for products required an increased supply, that necessitated increased industrial production and output, which guaranteed an improved salary structure, more employment opportunities, and better living conditions throughout these nations.
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Answer Details-
Grade- Graduation
Chapter- The Economic Reconstruction of the United States
Subject- History
Keywords-
Economic co-operation, globalization, trade, the abolition of the tariff, customs, political and economic diplomacy, economic reconstruction.
